Investment losses vs. company performance

As has been widely reported, Aflac has worked its way through large amounts of investment losses, much of that tied to holdings in the troubled European Union nations of Portugal, Italy, Greece and Spain.

As has been widely reported, Aflac has worked its way through large amounts of investment losses, much of that tied to holdings in the troubled European Union nations of Portugal, Italy, Greece and Spain.

The Columbus-based supplemental health and life insurance company first noticed the declining investments in the fourth quarter of 2008. Since then, it has reported after-tax realized investment losses from securities transactions and impairments of $2.8 billion. That's through 2012.

To put that in context, however, over that same period, Aflac's revenues have surged from $16.6 billion to $25.4 billion, while its operating earnings have climbed from $1.9 billion to $3.1 billion. Shareholder equity has leaped from $6.6 billion to $16 billion, and the company's market capitalization -- the value of its outstanding common stock shares -- has risen from $21.4 billion to $24.8 billion.

The company said Tuesday it should have the bulk of investment losses behind it.